Bank of Baroda Cuts Deposits Interest Rates

Bank of Baroda on Monday informed BSE that the Bank has decided to revise rates of interest payable on Domestic Term Deposits & NRO Deposits of below Rs. 1 crore.

The new interest rates will be applicable to fresh deposits and renewal, with effect from March 24, 2015. The applicable rate of Interest in the maturity range of 181 to 270 days has been reduced from existing 7.75% to 7.65%.

Yesterday, Finance Minister Arun Jaitley said he expects the bank lenders to reduce interest rates soon and pass the benefits to customers.

Recently, the Reserve Bank had lowered the key repo rate at which it lends to banks by 0.25 per cent to 7.5 per cent.

Last week, Axis Bank slashed fixed deposit rates by up to 0.25 per cent across various maturities.